Wise Credit

A regular paycheck helps your credit score because:

• It can be cashed and spent quickly

• It has taxes pulled out

• It shows you will not pay your bills on time

• It indicates you are likely a good credit risk

What is the primary purpose of a credit score?

• To determine your income level

• To assess your creditworthiness

• To calculate your net worth

• To evaluate your spending habits

Which of the following is a benefit of having a good credit score?

• Higher interest rates on loans

• Easier approval for rental applications

• Increased tax liabilities

• More frequent credit checks

What is a common consequence of missing credit card payments?

• Improved credit score

• Lower interest rates

• Late fees and penalties

• Increased credit limit

Which of the following actions can help improve your credit score?

• Maxing out credit cards

• Paying bills on time

• Closing old credit accounts

• Ignoring credit reports

What does a credit report typically include?

• Your employment history

• Your medical records

• Your travel itinerary

• Your social media activity

How often are you entitled to a free credit report from each of the major credit bureaus?

• Once a month

• Once a year

• Every six months

• Every two years

Which of the following is NOT a major credit bureau?

• Equifax

• TransUnion

• Experian

• PayPal

What is the impact of a hard inquiry on your credit score?

• No impact

• Slight decrease

• Significant increase

• Immediate improvement

Which factor has the largest impact on your credit score?

• Length of credit history

• Payment history

• Types of credit used

• New credit inquiries